BP PLC (LSE:BP.) made a deepwater oil discovery in the Gulf of Mexico/America, which it used to highlight its exposure to the USA.
The FTSE 100 oil giant said the discovery was made at its 57.5%-owned Far South propsect, approximately 120 miles off the coast of Louisiana, which is 42.5% owned by Chevron Corporation (NYSE:CVX, ETR:CHV).
An exploration well was drilled in 4,092 feet of water, with the well drilled to a total depth of 23,830 feet.
"This discovery in the deepwater Gulf of America underscores how BP is in action to step up investment in exploration and strengthen its upstream portfolio," the company said, referring to its strategy 'reset' from February.
The oil group said it expects to grow its global upstream production to 2.3-2.5 million barrels of oil equivalent in 2030, with around one million barrels of oil equivalent per day expected to be delivered from onshore and offshore US.
Andy Krieger, BP's senior vice president for the Gulf of America and Canada, said the company is focused on building its capacity in the gulf to over 400,000 barrels of oil equivalent per day by the end of the decade.
"This Far South discovery demonstrates that the Gulf of America remains an area of incredible growth and opportunity for BP," he said.